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When using Performance Monitor, you might encounter high Memory: Pages/sec
counter values that are not related to either paging file activity or cache
activity. These high values may instead be caused by the an application
sequentially reading a memory mapped file.

The following information is from the Performance Monitor counter
definition information for the Memory Pages/sec counter:

Pages/sec is the number of pages read from the disk or written to the
disk to resolve memory references to pages that were not in memory at
the time of the reference. This is the sum of Pages Input/sec and Pages
Output/sec. This counter includes paging traffic on behalf of the
system Cache to access file data for applications. This is the primary
counter to observe if you are concerned about excessive memory pressure
(that is, thrashing), and the excessive paging that may result. This
counter, however, also accounts for such activity as the sequential
reading of memory mapped files, whether cached or not. The typical
indication of this is when you see high number of Memory: Pages/sec, a
"normal" (average, relative to the system being monitored) or high
number of Memory: Available Bytes, and a normal or small amount of
Paging File: % Usage. In the case of a non-cached memory mapped file,
you also see normal or low cache (cache fault) activity.

As seen from the above information, a high number of Memory: Pages/sec is
not necessarily indicative of memory pressure or a Performance Monitor
reporting error. It is necessary to monitor other counters, such as those
mentioned above, to get the complete picture of what is happening in your
particular case.